Is Westlake Village, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Westlake Village is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Westlake Village has remained a Seller's Market.

Key Takeaway

Westlake Village is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Westlake Village, CA

How much do homes in Westlake Village, CA cost?

Median Sold Price

$1,492,333

$641/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$97,833(+7.0%)

Key Takeaway

Homes in Westlake Village have sold for 7% more than they did a year ago.

Summary: The median home sold price in Westlake Village was $1,492,333 in May 2024, up 7% from last year, and the median price per square foot was $641.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $415K$409.7K
-1.3%
2 $745K$702.5K
-5.7%
3 $1.2M$1.3M
+10.1%
4 $1.6M$1.7M
+3.9%
5+ $2.6M$2.2M
-14.7%

Summary: Westlake Village housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.3%, 2 bedroom homes decreased by 5.7%, 3 bedroom homes increased by 10.1%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes decreased by 14.7%.

Median Sold Price Compared To Nearby Cities

Newbury Park
+9.6%
Thousand Oaks
+8.1%
Westlake Village
+7.0%
Westlake Village
+1.7%

Housing Supply in Westlake Village, CA

How many homes are available in Westlake Village, CA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
106119+12.3%

Summary: The Westlake Village real estate market had 119 homes for sale in May 2024, a 12.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 32
-33.3%
2 2022
+10.0%
3 1221
+75.0%
4 4244
+4.8%
5+ 2930
+3.4%

Summary: The Westlake Village housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 75%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 3.4%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2026+30.0%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Westlake Village, you may be able to get a good deal. 53.8% of homes here sold below asking price last month.

Summary: A total of 26 homes were sold or pending in Westlake Village in May 2024, up by 30.0% month-over-month. Of the 26 sold homes, 54% were sold under asking, 19% were sold at asking, and 27% were sold over asking.

Days on Market for Westlake Village, CA

How long does it take to sell a home in Westlake Village, CA?

Average Sale Time

May 2023May 2024CHANGE
36 Days32 Days-9.3%

Summary: Homes in Westlake Village had an average of 32 days on market in May 2024, down by 9.3% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Westlake Village are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 26 homes were sold in Westlake Village; 65% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 16 Days Ago

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